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About to sign a Mortgage commitment and it has something I haven't really seen before. Is this normal to have in a mortgage commitment from a lender?? Its from a big 5 subsidiary.. Just basically says if they are aware of the property being out of compliance they can do whatever and I have to pay for it..
"Inspection
If we, or any of our agents, have reason to believe that the property is not in compliance with any federal, provincial or municipal laws or regulations regarding the environment, we, or our agents, may enter and inspect your property. We may also conduct any environmental testing, site assessment, investigation or study that we think is necessary. You must pay for all reasonable costs associated with this, plus interest at the mortgage rate, from the day we incur the expense. You must pay us these expenses, plus the interest, immediately, and they will be a charge on the property.
We will not be considered to have taken possession, management, or control of the property by taking any of these actions."
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- 3 years ago
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